Financing the Economy 2025 Survey

Published: 15 July 2025

Our 11th annual private credit survey will inform the 2025 edition of our Financing the Economy research which will be published in Q4. The data we collect from this research is critical to our advocacy and the broader work of the association. 

When completing this survey please provide data based on Q4 2024 reporting. For section 3 please provide data based on the entirety of the 2024 calendar year.

Any data obtained via the survey will be treated in confidence and only ever be presented publicly in aggregate and anonymised. Please contact Nicholas Smith if you have any questions about the survey.

Section 1 - Respondent contact information

Section 2 - Market size

2. What is your firm’s total private credit capital in USD (broadly defined as investments in loans that you have originated or participated in as part of a club, private debt securities, mid-market CLOs and similar instruments across corporate lending, real estate debt, ABL and infrastructure debt strategies, but excluding broadly syndicated loans, publicly traded bonds or more liquid fixed income strategies)?

Please provide a number to the nearest 1bn USD, or to the nearest 100mn USD if below 1bn. For the purposes of this question please consider that total private credit capital consists of total committed capital (including both deployed capital and dry powder) plus any leverage facilities.  

For the purposes of this question please consider that:

Committed capital: means total capital allocated by investors to a private credit manager.

Deployed capital: means capital already invested in private credit assets.

Dry powder: means capital committed by investors but not yet invested.

Leverage facilities: signed/committed leverage facilities secured against private credit assets, excluding subscription lines (borrowing secured against investor commitments) or short-term liquidity facilities (duration <12 months).

3. What is your firm’s gross private credit AUM in USD?

Please provide a number to the nearest 1bn USD, or to the nearest 100mn USD if below 1bn. For the purposes of this question, please consider that gross private credit AUM includes deployed capital currently invested across strategies plus drawn leverage facilities secured against assets, but excluding dry powder.

For the purposes of this question please consider that:

Deployed capital: means capital already invested in private credit assets.

Dry powder: means capital committed by investors but not yet invested.

Leverage facilities: signed/committed leverage facilities secured against private credit assets, excluding subscription lines (borrowing secured against investor commitments) or short-term liquidity facilities (duration <12 months).

4. What is your firm’s net private credit AUM in US$? 

Please provide a number to the nearest 1bn USD, or to the nearest 100mn USD if below. For the purposes of this question, please consider that net private credit AUM includes deployed capital currently invested across strategies but excluding dry powder and leverage facilities secured against assets.

For the purposes of this question please consider that:

Deployed capital: means capital already invested in private credit assets.

Dry powder: means capital committed by investors but not yet invested.

Leverage facilities: signed/committed leverage facilities secured against private credit assets, excluding subscription lines (borrowing secured against investor commitments) or short-term liquidity facilities (duration <12 months).

5. How much capital (gross AUM) is currently invested by your firm across the following private credit strategies in US$?

Guidance:  Please provide a number to the nearest 1bn USD, or to the nearest 100mn if below. Please state 0 for strategies which are not applicable to your firm. For the purposes of this question, please consider that gross private credit AUM includes deployed capital currently invested across strategies plus leverage facilities secured against assets, but excluding dry powder.

For the purposes of this question please rely on the following definitions each private credit strategy listed.  For private credit strategies that do not align with these classifications please specify the strategy alongside the amount of capital in part e) ‘other’.

Corporate Lending – Direct lending or private placement to businesses, typically structured as senior secured, unitranche, or subordinated debt, where repayment is primarily supported by the company’s cash flows or equity value rather than specific collateral.

Asset-Backed Lending (ABL) – Lending secured by specific tangible or intangible assets (e.g., aircraft, equipment, receivables, inventory) rather than a company’s operating cash flows. ABL structures provide financing based on asset quality, liquidation value, and borrower creditworthiness.

Real Estate Credit – Financing for residential and commercial real estate assets, including construction and development loans, stabilized property lending, bridge loans, and securitized mortgage-backed instruments such as Residential Mortgage-Backed Securities (RMBS) and Commercial Mortgage-Backed Securities (CMBS).

Infrastructure Debt – Private credit financing for infrastructure projects, including transportation, energy, utilities, social infrastructure, and digital infrastructure, often structured as project finance or asset-backed loans with long-term, stable cash flow profiles.

6. How much private credit capital (gross AUM) is currently invested by your firm across each market listed below in US$?

Guidance: Please provide a number to the nearest 1bn USD, or to the nearest 100mn if below 1bn. Please state 0 for markets which are not applicable to your firm. For the purposes of this question, please consider that gross private credit AUM includes deployed capital currently invested across strategies plus leverage facilities secured against assets, but excluding dry powder.

When determining the location of the borrower respondents should submit based on their own internal classification of how the location of an investment is determined.  In general, we would expect the location of the borrower to be determined by where the majority of earnings to support the loan are derived from, or where the headquarters or majority of business activity or assets are based.

7. Please provide a breakdown of the equity capital raised by your firm from different types of investors across all your private credit strategies?

Please provide an estimate to the nearest single percentage point for each type of investor.

Section 3 - Deployment volumes

8. How much private credit capital (gross AUM) was deployed by your firm across the following private credit strategies during 2024 in USD?

Guidance:  for the purposes of this question respondents should submit based on funded commitments only, excluding capital that has been committed but not yet drawn by the borrower.

Please provide a number to the nearest 1bn USD, or to the nearest 100mn if below 1bn. Please state 0 for strategies which are not applicable to your firm.  Please include data covering the entire 2024 calendar year.

9. How much private credit capital (gross AUM) was deployed by your firm across each market listed below during 2024 in US$?

Guidance:  for the purposes of this question respondents should submit based on funded commitments only, excluding capital that has been committed but not yet drawn by the borrower. Please provide a number to the nearest 1bn USD, or to the nearest 100mn if below 1bn. Please state 0 for markets which are not applicable to your firm.

When determining the location of the borrower respondents should submit based on their own internal classification of how the location of an investment is determined.  In general, we would expect the location of the borrower to be determined by where the majority of earnings to support the loan are derived from, or where the headquarters or majority of business activity or assets are based.

Section 4 - Product Design

10. What proportion of your private credit AuM are held in structures that do not provide the investor with a right to redemption?

Please provide an estimate to the nearest whole percentage.

Guidance: for the purposes of this question please consider ‘structures that do not provide the investor with a right to redemption’ to cover co-mingled or single investor structures where the investor has no formal right to a redemption such as closed-end funds or means to force a sale or divestment prior to the end of the fund's life, structures where any redemption is linked to the natural maturity of the fund assets (e.g. slow-pay structure) or structures where the provision of any liquidity to investors is entirely at the discretion of the GP.

11. What is the Net Asset Value (NAV) of your largest or flagship private credit fund or account (per strategy)?

Guidance: For the purposes of this question please provide the NAV of your largest or flagship private credit fund or account at the most recent formal valuation period. Please provide a number to the nearest 1bn USD, or to the nearest 100mn USD if below. Please state 0 for strategies which are not applicable to your firm.

12. What is the size of the balance sheet for your largest or flagship private credit fund or account (per strategy)?

Guidance: For the purposes of this question please calculate balance sheet size as the NAV of the fund or account plus any investment leverage used by the relevant fund or account at the most recent formal valuation period. Please provide a number to the nearest 1bn USD, or to the nearest 100mn USD if below. Please state 0 for strategies which are not applicable to your firm.

Investment leverage is defined as borrowing secured against portfolio assets to finance additional lending but excluding subscription lines (borrowing secured against investor commitments) or short-term liquidity facilities (<12 months).  Where the largest or flagship fund or account has both levered and unlevered sleeves, please report by reference to the size of the levered sleeve.

Section 5 - Creditworthiness

13. What is the current average loan to value (LTV) ratio for your largest or flagship private credit fund or account (per strategy)?

Guidance:  for the purposes of this question please consider value to be enterprise value or nearest relevant equivalent appropriate for the strategy/asset class.  Where appropriate please provide the appropriate responses to each of the private credit strategies listed below.  Please provide an estimate to the nearest whole percentage. Please state 0 for strategies which are not applicable to your firm.

Corporate Lending – Direct lending or private placement to businesses, typically structured as senior secured, unitranche, or subordinated debt, where repayment is primarily supported by the company’s cash flows or equity value rather than specific collateral.

Asset-Backed Lending (ABL) – Lending secured by specific tangible or intangible assets (e.g., aircraft, equipment, receivables, inventory) rather than a company’s operating cash flows. ABL structures provide financing based on asset quality, liquidation value, and borrower creditworthiness.

Real Estate Credit – Financing for residential and commercial real estate assets, including construction and development loans, stabilized property lending, bridge loans, and securitized mortgage-backed instruments such as Residential Mortgage-Backed Securities (RMBS) and Commercial Mortgage-Backed Securities (CMBS).

Infrastructure Debt – Private credit financing for infrastructure projects, including transportation, energy, utilities, social infrastructure, and digital infrastructure, often structured as project finance or asset-backed loans with long-term, stable cash flow profiles.

14. What is the current average total net debt to EBITDA multiple of the borrowers in your largest or flagship private credit fund or account?

Guidance: please express this as a multiple to the nearest single decimal point. For the purposes of this question please use the following definitions:

Total net debt: the sum of all short-term and long-term interest-bearing liabilities a company has incurred i.e. the total amount a company owes to creditors and lenders minus cash.

EBITDA: should be provided on the same basis as the respondent currently considers this for their own credit assessment / reporting purposes.

15. What proportion of your largest or flagship corporate lending fund or account is currently non-performing (on a non-accrual basis)? 

Guidance: Please express this as a percentage of net asset value. For the purposes of this question please consider non-accrual to cover loans or debt investments where the lender is no longer accruing interest income because the borrower is delinquent on payments (90days past due), or the lender anticipates a default.

16. What is the weighted average Interest Coverage Ratio (ICR) across your largest or flagship corporate lending fund or account

Guidance: for the purposes of this question please consider ICR to be defined as adjusted EBITDA divided by interest payments (not including principal payments). If not used by your firm, select “Not applicable.”

Question 17 for asset-backed lending (skip if not applicable to your firm).

 

17. What proportion of your largest or flagship ABL fund or account is currently non-performing (on a non-accrual basis)?

Guidance: Please express this as a percentage of net asset value. For the purposes of this question please consider non-accrual to cover loans or debt investments where the lender is no longer accruing interest income because the borrower is delinquent on payments (90 days past due), or the lender anticipates a default.

Question 18 & 19 for real estate debt strategies (skip if not applicable to your firm).

 

18. What is the current total net debt to net operating income (NOI) multiple of the borrowers in your largest or flagship real estate debt fund or account?

Guidance: please express this as a multiple to the nearest single decimal point. For the purposes of this question please consider total NOI to include current rental income minus operating expenses (pre-tax, pre-interest, pre-capex). Total net debt should include the sum of all short-term and long-term interest-bearing liabilities i.e. the total amount owed to creditors and lenders minus cash.

19. What proportion of your largest or flagship real estate debt fund or account is currently non-performing (on a non-accrual basis)?

Guidance: Please express this as a percentage of net asset value. For the purposes of this question please consider non-accrual to cover loans or debt investments where the lender is no longer accruing interest income because the borrower is delinquent on payments (90 days past due), or the lender anticipates a default.

Question 20 & 21 for infrastructure debt strategies (skip if not applicable to your firm).

 

20. What is the current average total net debt to EBITDA multiple of the borrowers in your largest or flagship infrastructure debt fund or account?

Guidance: please express this as a multiple to the nearest single decimal point. For the purposes of this question please use the following definitions:

For the purposes of this question please use the following definitions:

Total net debt: the sum of all short-term and long-term interest-bearing liabilities a company has incurred i.e. the total amount a company owes to creditors and lenders minus cash.

EBITDA: should be provided on the same basis as the respondent currently considers this for their own credit assessment / reporting purposes.

21. What proportion of your largest or flagship infrastructure debt fund or account is currently non-performing (on a non-accrual basis)?

Guidance: Please express this as a percentage of net asset value. For the purposes of this question please consider non-accrual to cover loans or debt investments where the lender is no longer accruing interest income because the borrower is delinquent on payments (90 days past due), or the lender anticipates a default.